Motor Insurance FAQS

With the availability of online platform, buying insurance is a very simple and hassle-free procedure. However, if the insurance company demands, you would need to keep the following documents handy.

  • The copy of your Registration Certificate (RC) of your vehicle
  • The invoice copy for a new car
  • Previous insurance policy
  • No claim bonus reserving letter, whenever required

The sole purpose of buying insurance for your car is to get adequately compensated for any damages and losses. To ensure that you raise a successful claim, it’s necessary to keep all the relevant documents at hand. While insurance companies try their best to avoid pesky paperwork, here is a list of documents you need to have on you:

  • The copy of the Registration Certificate and Tax Receipt of your car
  • The proof of valid insurance document
  • Copy of your Car Driving License
  • Repair Bills and Payment Receipts in case of reimbursement
  • Copy of FIR/Panchanama in case of Theft or Third Party damage/death/bodily injury For more details on different types of claim process, read motor insurance.

The sole purpose of buying insurance for your car is to get adequately compensated for any damages and losses. To ensure that you raise a successful claim, it’s necessary to keep all the relevant documents at hand. While insurance companies try their best to avoid pesky paperwork, here is a list of documents you need to have on you:

  • The copy of the Registration Certificate and Tax Receipt of your car
  • The proof of valid insurance document
  • Copy of your Car Driving License
  • Repair Bills and Payment Receipts in case of reimbursement
  • Copy of FIR/Panchanama in case of Theft or Third Party damage/death/bodily injury For more details on different types of claim process, read motor insurance.

A car insurance policy will be valid for a particular period. After this period, the insurance policy lapses. It is advisable to renew it in time so as to benefit from the No Claim Bonus (NCB). If policy lapses and you renew it within 90 days you may still benefit from the NCB. Post 90 days, you need to initiate the process by filling details all over again and getting your car inspected by the surveyor. Also, as the NCB is lost it would result to higher premiums.

Yes, the policy can be cancelled and the unused premium amount refunded usually on a pro-rata basis. This will happen only if an alternate insurance proof is offered, and claims aren’t raised subject to 30 days prior to the policy expiry date. If a claim is raised, refund shall not be made. There could also be a nominal cancellation, which is charged.

Depreciation in car insurance refers to loss of value due to wear and tear of the vehicle. The rate of depreciation is significant from the time you buy the car insurance policy. It is applicable to each car part except glass. The rate of depreciation is 50% for rubber, plastic parts, tyres and tubes, batteries and air bags; while a 30% for all fibre components.

A cashless claim is the complete responsibility of the insurance company. Most of the companies have their own garage network, which can repair the damaged vehicles. The owner does not have to worry about the expenses apart from the consumables (not covered in the policy). The payment of only the difference amount as confirmed during the process of the claim needs to be made.

If you decide to choose your own garage for repair works (not a part of the insurer’s garage network), then you can claim reimbursement for the same. You will need to submit the original bills, payment receipts to the insurance company after you settle the repair amount from your own pocket

The documents which are required to make the claim are:

  • A copy of the vehicle’s registration book.
  • The driving licence copy of the person driving the vehicle.
  • Duly filled in Claim form
  • Original RC book
  • FIR copy in case of third-party injury/death.

Professional Indemnity FAQs

Professional indemnity (PI) insurance provides cover for the legal costs and expenses in defending a claim, as well as compensation payable to your client if you are found to be responsible for providing inadequate advice, services or designs that cause your client to lose money.

The policy pays other parties for damages which you are legally liable to pay as a result of negligent acts, errors or omissions in the performance of your professional services including defense cost, court attendance fee etc. The insurance company has an obligation to defend you against such claims, even if the allegations ultimately are determined to be false or groundless

Below is some exclusion under the professional indemnity policy copy:

  • Contractual Liability
  • Loss arising directly or indirectly out of the actual, alleged or threatened discharge, dispersal release, seepage or escape of pollutants
  • Any claim based upon, arising out of, or attributable to the insolvency or bankruptcy of any Insured
  • Any claim based upon, arising out of or attributable to any warranty, guarantee or estimate with respect to fees, costs, quantities, duration or date of completion

All members of ICSI and its subsidiaries are covered. Professional Indemnity policy is designed to cover you practicing as individual, sole proprietor, Partnership/LLP and in Cyber Insurance, the cover is designed for individuals only.

All the professional services rendered as per resolution passed by the council under Clause (f) of sub section 2 of section 2 of the Company Secretaries ACT.

Insureds should notify to their current insurer, as soon as possible, any circumstance, fact or situation that they think might give rise to a claim. By doing so the policy offers protection to the insured if a claim arises outside the policy period.

Retroactive date (as specified in your policy schedule which is 3 years prior to the inception of the policy with Oriental insurance and date of policy inception with Bajaj Allianz for Cyber Insurance) is the date after which acts, errors or omissions of the Insured are covered. That is, any act, error or omission arising from work done after the retroactive date will be covered under the policy. The date of inception is the date of the start of the policy period.

These two terms are sometimes confused. Territorial Limit refers to the place where the act, error or omission occurs. Jurisdiction Limit refers to the fact that the policy will only cover claims brought within the court system of the nominated countries.

Oriental Insurance Company ltd.

Cyber FAQS

Today we live in an increasingly connected digital world of Mobile and Internet Banking, Social Media and e-Commerce spending significant amount of our time on the internet. The amount of individual’s personal data being generated, transmitted and stored onto various digital devices is also growing at an exponential rate.

The critical nature of this data and the complexity of the systems that support its transmission and use, combined with the possibility of remote and anonymous access, have created a gamut of Cyber Risks such as Identity Theft, Malware Attack, IT Theft loss, Phishing, E-Mail Spoofing, Cyber Extortion, Cyber Stalking, Media Wrongful Act etc. to which the individuals are exposed due to cyber-attacks.

This Insurance Policy provides a comprehensive insurance cover to the individual to pay for losses that could arise if the cyber risks are subjected to Cyber Attacks.

  • Identity Theft Cover
  • Social Media Cover
  • Cyber Stalking Cover
  • IT Theft Cover
  • Malware Cover
  • Phishing Cover
  • E-mail Spoofing Cover
  • Media Liability Cover
  • Data and Privacy Breach by Third Party Cover
  • Cyber Extortion Cover

Coverage under various sections of this policy

  • Defense cost
  • Cost for prosecuting a criminal case
  • Reasonable expenses of transportation and photocopying of documents arising out of defense
  • Online loss of funds/monies from account held in bank, payment wallets, etc.
  • Direct and pure Financial Loss
  • Costs incurred for claim for damages against the Third Party
  • Cost including legal fees incurred from claim for damages against a Financial Institution/Payment system operators
  • Restoration Cost
  • Counselling Services as a part of Overall limit of Insuring Clause
  • IT Consultant Cost

This is an Annual Policy.

Plans under the policy range from INR 1 Lac to INR 100 Lac.

There is NO Deductible in this policy.

  • Dishonest and Improper Conduct
  • Bodily Injury/Property Damage
  • Unsolicited Communication
  • Unauthorized collection of data
  • Immoral/Obscene Services

Notification:

  • Upon Discovery, the Insured shall give written notice to the Insurer within 7 days, but in any event not later than 14 days after the end of the Period of Insurance or Discovery Period.
  • Upon receipt of any Claim, the insured shall give written notice to the Insurer within 7 days but in any event not later than 14 after the end of the Period of Insurance or Discovery Period, if applicable, and
    If, during the Period of Insurance, the Insured becomes aware of any fact, event or circumstance which is likely to give rise to a Claim then the insured shall give written notice thereof to the Insurer as soon as reasonably practicable and, in any event, during the Period of Insurance.

List of Documents to be submitted to the insurer in the event of a loss:

  • Fully completed and signed Claim form
  • Copy of FIR lodged with Police Authorities/Cyber Cell
  • Copies of Legal Notice received from any affected person/entity
  • Copies of summons received from any court in respect of a suit filed by an affected party/entity
  • Copies of correspondence with financial institutions with regard to IT theft loss
  • Copies of legal notice served on any Third party for any data breach or privacy breach
  • Copies of criminal case filed against third party under the relevant Insuring clauses
  • Copies of invoices for expenses incurred on restoration cost
  • Copies of invoices for expenses incurred in IT Consultant Services Cover
  • Details/invoices of Costs incurred for filing of criminal case/Claim for damages against third party
  • Proof to show that the personal data is the proprietary information belonging to the Insured.
  • Proof to show that the loss is incurred by the Insured.

Super Top Up Insurance Policy

Super Top Up policy is a Family Floater Policy which offers you coverage of Mediclaim above your chosen deductible limit along with extra ordinary features. It offers you financial relaxation in the event when your hospitalisation claim bill crosses your sum insured under any other Mediclaim policy. Thus it acts as cushion & comes in to action when you have exhausted the chosen limit.

A Mediclaim policy pays the claim from Rs. 1/- till maximum Sum Insured under your base policy.

Whereas Super top-up policy cover hospitalization expenses beyond the chosen Deductible limit. The deductible limit is chosen by you. In other word it is a Mediclaim policy which triggers after a certain pre-decided limit of expense has crossed.

Further mediclaim and super top up policy can work along with one another. That is, if you have a mediclaim you can also purchase a super top up policy to get an enhance cover. Even if you do not have a mediclaim policy you can opt for Super Top up Policy.

  • It increases your sum insured at very reasonable premium
  • No capping, No Co-Pay, Just 1 Month waiting period.
  • Pre-existing Disease are also covered from Day One.
  • Opportunity to avoid heavy deduction due to Room Rent limits.
  • Super Top Up plan is cheapest super top up plan available in the market.
  • For higher age person above 55 years of age it is very difficult to increase the sum insured under your mediclaim policy hence super top up policy is advisable where you can top up your mediclaim sum insured by Rs. 15 lakh up to 80 years of age.
  • For major surgeries like Replacement of Organ like Kidney Transplant, heart transplant where the claim cost crosses Rs. 20 Lakh this Super top Up policy can only cover such expenses

Whenever anyone hospitalization exceed your base policy sum insured then claim is payable under top up policy. It is rare incident that single hospitalisation can arise where total hospitalisation bill will cross Rs. 5 lakh or deductible selected by you. Whereas under Super Top Up Policy aggregate of all claims made by your family members once crosses the base policy sum insured then your super top policy will start making the claim payment.

In floater Mediclaim policy the base sum insured will be for all the members of the family. Hence either the claim amount should exceed the deductible amount or sum insured should be exhausted for super top up policy to respond. Under floater policy claims of one or more member of the family or one or more claim of one of the family member should exceed the deductible amount chosen under super top up sum insured.

In individual Mediclaim policy every family member will have his own sum insured under base policy. Hence for super top up policy to respond his claim amount should cross the deductible limit under super top up policy. His / her other family members sum insured still remaining balance under base policy.

All Members of ICSI can get covered under Super top up policy.

Your entire family can be covered under the policy maximum up to 4 members. Your self & Spouse upto the age of 80 Years ( or the maximum age as per policy terms), 2 dependent Children up to the age of 25 years ( Or the maximum age as per policy terms) of age can be covered under the policy.

Maximum age is as per the terms and conditions of the Master policy. However, Once join then they will be covered life long on renewal of policies.

Base policy is your Mediclaim policy.It can be your Mediclaim Policy, Individual Mediclaim policy or a Family Floater Mediclaim policy. It can also be your group Mediclaim policy offered by your employer. The sum insured under your base policy is base policy sum insured.

Higher the better. You can select sum insured from Rs. 5 Lakhs, Rs. 10 Lakhs & Rs. 15 Lakhs option. However it is better you select Rs. 15 lakhs as sum insured to maximize your Coverage over and above your Base Policy.

Deductible limit is a pre-decided limit chosen in super top-up Policy by you. Super Top-up policy gets triggered and starts paying claim once the aggregate expense crosses this deductible limit.

Example-1: Multiple Claims in a policy year

Base Policy Sum Insured Super Top Up Sum Insured Opted Claim Amount eligible Base policy will pay (Rs.) Super Top Up Policy will pay
At Inception 500,000 500,000
Claim 1 200,000 500,000 350,000 350,000 0
Claim 2 200,000 500,000 200,000 150,000 50,000
Claim 3 200,000 500,000 200,000 0 200,000
Claim 4 200,000 500,000 100,000 0 100,000
Total Paid 850,000 500,000 350,000

Ideally we should choose deductible limit which is equal to your Mediclaim policy sum insured so you should get optimum cover. However it is not compulsory to choose only the same. You can choose lower than/ Higher then your base policy sum insured. We have option of Rs. 5 Lakh or Rs. 10 Lakh as deductible sum insured. You can choose any of the above.

Member with or without Base Policy : Deductibles Rs. 5 lakh and Rs. 10 lakh

If you or your family member does not have Mediclaim policy then you can still get super top up policy. Moreover, it is recommended as it is imperative that you limit your expenses.

Yes. Still you will get super top up policy and cover these members also in super top up policy. However for those members who do not have any other mediclaim policy their deductible under super top up policy will be minimum Rs. 5 Lakh.

It is not necessary that in single hospitalisation your sum insured should be exhausted. Even in aggregate of multiple hospitalisation of smaller claims, cross your base policy sum insured then super top up policy will come to your rescue and pay the balance hospitalisation bills. All the hospitalisation bills for more than one member of your family can also be accumulated to claim under super top up policy.

In super top up policy, all the hospitalisation claims of all the members covered under the policy can be accumulated. So super top up policy will trigger once multiple hospitalisation claims of your all family members crosses the deductible limit.

You can claim all the bills for which hospitalization has occurred during super top up policy period. If your base policy period is 1st Jan, 2018 to 31st December, 2018. Super top up policy period is 1st April, 2018 to 30th March, 2019 and If you have claims paid under base policy before inception of super top up policy i.e. 1st April 2018 then the same will not be considered for exhaustion of deductible limit of super top up policy.

If a group policy is issued for the first time then the general claim ratio of individual policies is considered. Further the fact that the company receives huge number of policy holders at one time, the reduced advertisement costs can be passed on by way of discount on premium.

For renewal of group policy, the premiums are decided on the basis of past claim ratio, age composition of the policy holders, types of claims made earlier and assumptions made for future claims.

Super top up policy covers all hospitalisation expenses covered under your base policy. In addition whether your base policy is covering Pre- existing disease or not it covers Pre existing disease from Day 1 under the policy.If your base policy has waiting period for PED cover then you opt for deductible more than Rs. 5 lakh in which case your PED claims will also be paid under Super Top Up Policy.

  • Hospitalisation expenses covered Pan India occurred either due to adent or natural diseases.
  • In patient hospitalisation expenses will be covered in reimbursement basis.
  • No Medical test to be done prior taking this policy.
  • 1 Month Waiting Period is applicable under the policy for hospitalization claims.
  • 30 days pre hospitalization expenses are included: Medical expenses incurred 30 days prior to the hospitalization are reimbursed.
  • Post Hospitalization expenses up to 60 days are covered.
  • Internal congenital diseases covered.
  • Minimum Hospitalization of 24 hours required for the treatment, which cannot be taken at home.
  • The minimum hospitalization clause is not applicable for Cataract, Chemotherapy & fracture or any Day Care treatment.

The list of exclusions are mentioned in Terms and condition applicable to super top up policy. All the exclusions are common between your base policy and super top up policy. However under super top up policy exclusions like Pre-existing diseases, Waiting period of special disease & 30days are not applicable

Since maximum age of the one of the family member is above 61 years you will be charged premium of 61 – 80 years of age.

Yes, you will get Tax benefit under section 80D

No. There is no co-payment applicable to Super Top Up Policy.

No, this is Super Top Up Policy need not to undergo any medical test.

The policy would be for one year from the date of inception.

Aditya Birla Health Insurance Company Ltd.

The policy period will 365 days from the Date of Inception.

Policy would be issued within 15 days and the card would be issued after 10 days of policy issuance.

Yes, You can claim through cashless & reimbursement. And in all cases immediate intimation shall be given to our Call Center within 24 hours of Hospitalization.

Yes , under section 80 D you can claim TAX Rebate

Yes, you will get Policy Number. You will also get Policy Certificate for your family. You will receive Health ID card thorough which you can come for cashless & reimbursement claim

No, as this is a Group scheme you will not get NO Claim Bonus

Yes, According to the Insurance Company the claim will not be settled (unless prior intimation to Insurance company) if there is any alterations in the name It has to be intimated to your respective Insurance Co. within 15 days on receipt of your cards & requisite Endorsement for the change in name needs to be passed by Insurance co. This has to be done first hand and not only if any claim arises. The window period will close for change in name on within 1 Month.

You can claim medical expenses incurred 30 days before and 60 days after hospitalization (as specified in your policy), provided they are related to the ailment/treatment for which you were hospitalized. Such expenses are termed as pre and post hospitalization, except for Maternity Claims.

Yes, your health insurance policy is valid all over INDIA

Under the family floater policy you can cover your wife as long as the proposer is Member and because now she is a part of your family.

Family Floater Policy is available for family size ranging between 2 to 4 members i.e. Proposer + Spouse + 2 Dependent Children up to 25 years of Age.

No. As she is now not part of your family.

Pre‐Existing Diseases are covered since day 1. Also there is only 1 Month Waiting Period in any illness.